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How to make a good quotation request: all about RFQs
Although the terms are sometimes used interchangeably, an RFQ is not the same as an RFP. An RFP can be used when a company is not quite sure what it needs. They ask suppliers to submit a proposal outlining how they would solve the given problem.
Generally, companies use an RFQ when they already know exactly what product or service they need, and the only thing they are looking for is price. So an RFQ is a request for quotation.
When should you use an RFQ?
Because the main consideration in an RFQ is cost, it is usually used for direct expenditures. For example, you can use an RFQ to buy specific products, such as hardware, office supplies or materials. In addition, you can also use them for indirect expenses.
However, when using a request for proposal form to source complex goods and services, it is important to know all the details of what you want. These details allow for accurate comparisons between suppliers.
Preparation and requirements
Before issuing a request for proposal, decide exactly what your company needs. The preparation phase is the most time-consuming, but don’t rush it. As you prepare, remember that the more details you can provide, the more accurate and helpful your suppliers’ responses will be. Work with internal stakeholders to explore all necessary requirements.
- What kind of RFQ is issued?
- Who is invited to respond to the RFQ?
- When is the deadline?
- How will you compare prices?
- Documents and information to add to your RFQ
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Assessment and selection
The biggest advantage of the RFQ is that assessment and selection should be quick and easy. The preparation you did at the beginning will now pay off. With your pricing template or table, you can easily compare suppliers side by side.
If you are working with a selection committee or additional stakeholders, create a summary of key information. This summary provides transparency and can be used in future RFQs.
RFQs: how can Batchforce support you?
1. Expert Advice
Batchforce offers expert advice in preparing RFQs, taking into account your specific needs and the nature of the products or services requested.
2. Automation of the RFQ process.
Batchforce has advanced software tools that automate the RFQ process. This includes managing the application process, tracking vendor responses and facilitating review and selection.
3. Documentation and Transparency
Batchforce provides clear documentation of the entire RFQ process, including qualified bids, criteria and final selection. This contributes to transparency and provides valuable data for future procurement processes.
Batchforce thinks with you
Batchforce is a trusted partner in the entire RFQ process, focusing on efficiency, accuracy and achieving optimal conditions for your procurement needs.
Batchforce continually invests in its network, new technologies and innovations to optimize efficiency and precision. Whether for one-off projects, prototypes or series production, Batchforce strives to provide customers with high-quality stainless steel parts that meet the highest quality standards. The team of experts is ready to advise and support customers in realizing their specific request.
Combine automation with craftsmanship.
Maximum quality at low cost. Customization that suits you.
Service and quality assurance for your project.
We are ready to support and guide you personally.